“Canada inflation rate gallops to near 40-year high, calls for supersized rate hike mount”
June 22, 2022
“Canadian consumer prices increased in May at rates not seen since January 1983, surging past analyst forecasts, largely driven by pricey gasoline, official data showed on Wednesday, upping the pressure on the central bank to hike rates “more forcefully”
Canada’s annual inflation rate accelerated to 7.7% in May, galloping past April’s 6.8% and analyst forecasts of 7.4%, data from Statistics Canada showed.
Inflation has now been above the Bank of Canada’s 2% target for 15 months… Energy prices rose 34.8% on an annual basis, while grocery price gains matched April’s increase at 9.7% and shelter cost inflation also matched April at 7.4%. Prices for services rose more in May than in April, led by hotels and restaurants…”
https://www.cnbc.com/2022/06/22/canada-inflation-rises-to-near-40-year-high.html